Wichita eagle., 1887-08-06
BUSINESS PROSPECTS
AS Indicated by Duu's Weekly Trade
Review.

New YORK, Aug. 5.-R G. Dun & Co.
In their weekly review of trade say: The
Collapse of the California wheat ring
teaches the old lesson that every body is
stronger than any body, and not even
bonanza wealth can, with impunity, defy
the laws of trade The effects in the At
lantic markets, through changes in railroad
and telegraph operations, cannot yet be an
ticipated. Even in San Francisco the re-
suits are hidden, the board having sus-
pended as well as the pool. But the losses
of 100000 or $4,000 will fall heavily
somewhere and the wheat held by the ring,
said to be 5000, 600 In California, :, 500, 900
on the sea and $500, 600 In Liverpool,
hangs over the market threatening contin-
ued depression abroad and here. The
average cost to the ring is said TO be more
than the wheat brings now at New YORK.
Final official statements show 153, SSl, :
O22 net exports for the year, but of this
quantity 8, 800, 900 bushels owned by the
Californians abroad is still as much in the
way as if it had not been shipped. A slow
movement for some time, though, seems
i
money market was slow; the stocks de-
clined again but have recovered a little.
On yesterday they averaged 50 per share
lower than a year ago, but today the mar
ket was stronger. Absence of investors,
absorption of capital elsewhere and fears of
consequences of recent failures in railroad
negotiations, and in wheat operations, suf-
ficiently explain the late weakness.
IN. u, ha1 hxyf ln 70
rates of the years cents for wheat from
Chicago to Buffalo-and in June the canals
moved to New York 7,400, GOO bushels,
against 6, 900, 600 by the trunk lines; but
the main fact is that money has found other
usage.
Secretary Fairchild offers to prepay inter
est with rebate, and to buy bonds if offered
low enough, but the men who have bonds
are not the men who need money in pinch.
Only 81. 100000 interest payable to
banks on bonds held is GER
tain TO be drawn, unless the
rebate is hereafter abandoned and whether
banks and permanent investors will sell
bonds at acceptable terms is uncertain.
The order, in short, affects monetary conf
dence more than the actual supply of
money. The expectations that less will be
wanted west and south because the banks
there hold 50 000, 900 more than Chicago
and So 000. 600 more than two years ago,
is met by the fact that loans of the same
banks in western and southern states have
increased SIS, 000, 600 since last year and
S142, 000, 900 in two Years, showing great
increase In demands for money for new en-
terprises.
The reports from the interior points are
almost uniformly favorable. but money Is
already reported light at Kansas city, At.
lanta and some other points. The demand
appears greater than the supply at Cleve-
land and Omaha and collections are less
satisfactory at several points. Crops are
less favorably reported in Michigan and
Georgia and harvesting in the northwest
shows disappointing results, according 10
ST Paul adviceS. but elsewhere counts are
excellent. The season is one of compare
tive inactivity in trade, but of preparation
for the future, and the great confidence
felt recently is in some quarters less
strongly manifested.
At the east heavy shipment Of money 10
the west and large engagements for the fu
ture attract attention Boston has put
S45 O00. 600 into new undertakings and
nledged $500, 900, 600 more. A singular
though smaller drain is felt at Philadelphia
and Baltimore.
The treasurer has taken from the market
during the week $40, 500 gold, with sub
stantially nc change in silver and !ega
tenders.
The advance in rates by the bank oil
England, though explained by South
American shipments, was doubtless caicu
lated to arrest any movement to this coun
try, but recent exports are not large, The
shipments from New York for five weeks